LJUBLJANA (Slovenia), March 23 (SeeNews) – Slovenia's 'bad bank' DUBT said it raised almost 18 million euro ($19.4 million) from selling 166 of its directly-owned real estate in 2016, and an additional 89 million euro from the disposal of real estate-backed claims.
Last year, DUTB signed contracts for 16 more directly-owned properties in the amount of almost 10 million euro, but the funds for the purchase will be remitted and the sales recognised in 2017, it said in a statement published on Wednesday.
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DTUB's real estate management operations include two key categories: directly-owned real estate and real estate pledged as collateral.
Directly-owned real estate involves mainly real estate which DUTB took over in bankruptcy proceedings, to prevent its value slipping under the internally estimated value, causing lower recovery value for the owner and taxpayers. DUTB actively manages all real estate items taken over, particularly by taking steps to increase property value and improve the sale potential.
In the segment of directly-owned real estate in 2016, most sales involved residential property, of which DUTB sold 61. The 'bad bank' also sold another 20 land plot units, six industrial units, ten commercial units, 19 tourist units, nine shops and 41 other properties.
DUTB has entered 2017 with encouraging results having already received approximately 13 million euro from the sales of 98 apartments and houses alone.
DUTB was established in March 2013 as a government-owned company with the aim of facilitating the restructuring of local banks facing severe solvency and liquidity problems.
($=0.9269 euro)